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Informist, Wednesday, Jun. 17, 2026

By Simran Rede

MUMBAI – Traders added bullish positions to the derivatives chain of the Nifty 50 after the benchmark index gained over 24000 points Wednesday. However, it could not sustain the cross over 24100 points, which is now seen as the immediate resistance for the index. As expected by analysts, the index moved in a tight range and is also seen continuing this movement in the coming sessions. The index is expected to extend gains Thursday but intermittent profit booking is likely in the near term, analysts said.

For weekly options contracts of the Nifty 50 expiring Tuesday, the highest buildup in open interest was at the 24100-call strike with 3.63 million contracts, indicating a strong resistance in the near term at this level. The highest open interest concentration among weekly call options was at 25000. Premium on 24000 contract rose over 20%. 

Put options expiring next week were sold across the board, with the highest open interest at the 24000-strike and the maximum change in open interest at the 23000-strike. Premiums on these put contracts fell 33-36%. Nearly 3 million contracts of 24000 strike were written Wednesday, suggesting an immediate support for the index. 

The Nifty 50 extended its opening gains and rose as much as 0.5% to an intraday high of 24108.20 points, thereby surpassing the psychologically important 24100-point mark after more than a month. It closed marginally off the intraday high at 24085.70 points, up 0.4%.

"Indian equities extended their gains for a third straight session, supported by softer bond yields and a firmer rupee despite mixed global cues ahead of the FED's policy decision," Vinod Nair, head of research of Geojit Investments, said in a note. The domestic indices mirrored rise in Asian indices, where Japan's Nikkei 225 and Topix, and the FTSE Singapore index touched their respective record highs.

However, traders also sold call contracts at a few strikes, indicating some caution in the market. Some factors such as the details of the peace deal between the US and Iran, which will be signed Friday, delayed monsoons, and low reservoir levels affected the market sentiment and led to some profit taking Wednesday, Nair said.

Crude oil prices rose slightly Wednesday, snapping a four-session falling streak. At 1619 IST, the August contract of Brent crude oil was 0.2% higher at $79.08 per barrel on the Intercontinental Exchange. "While various questions remain open longer term, energy markets seem to be heading for the 'new old' setup where oversupply dominates. We stick to our cautious view on oil and short position, acknowledging that there will be hiccups along the way of normalisation," Norbert Rucker, head of economics and next generation research at Julius Baer, said in a report.

The immediate resistance for the 50-stock index is pegged at 24100 points and if the index crosses this level, then it may rise towards 24200-24300 points. On other hand, analysts predict the index to find support at 24000 points and a fall below this will take the Nifty 50 to 23900-23800 levels. "The underlying short-term trend of Nifty continues to be positive with range movement," Nagaraj Shetti, senior technical research analyst at HDFC Securities, said in a note. 

The June futures contract of the Nifty 50 closed at 24089.90 points, a premium of 4.20 points to the spot index. Open interest in this contract fell 0.5% to over 17 million, as per provisional data.

--Nifty 50 June closed at 24089.90, up 88.90 points; 4.20-point premium to the spot index

--Nifty 50 July closed at 24179.00, up 91.10 points; 93.30-point premium to the spot index

--Nifty 50 August closed at 24290.00, up 95.80 points; 204.30-point premium to the spot index

BSE, Tata Motors Passenger Vehicles, Dixon Technologies (India), HDFC Bank, Infosys, Trent, Hindalco Industries, Reliance Industries, Multi Commodity Exchange of India, and Bharat Electronics were the most actively traded underlying stocks Wednesday.

End

US$1 = INR 94.5250

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Akul Nishant Akhoury

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